SEC Pressures Exchanges on Market-Surveillance Project

By Don Newhouse on September 10, 2019

The Securities and Exchange Commission is stepping up pressure on exchanges to finish a huge, long-delayed database designed to help detect market manipulation and investigate episodes of anomalous trading.

The exchanges would face financial penalties if they miss further deadlines for building the database project, called the Consolidated Audit Trail, or CAT, according to a proposal released Monday by the SEC.